Goldman in London quit warning

Threat that firms would leave London 'in very short order'.

The London Evening Standard has reported that European banks will relocate onto the Continent from London 'in very short order' if Britain exits the European Union, the bosses of investment bank Goldman Sachs warned Monday.

Michael Sherwood and Richard Gnodde, the co-chief executives of Goldman Sachs International, said they would have to make plans to relocate swathes of staff from the capital so they could maintain their access to the European economy.

'We are going to be part of that economy. There is no scenario under which we will not be participating', said Sherwood, who is also a vice-chairman of Goldman Sachs. 'The only question is: do we do it all from here ?'.

Gnodde underlined how much London’s financial centre has benefited from the creation of the euro, with the capital becoming the engine room to the money markets of Europe, the world’s largest economy.

'There is a huge amount that is still all to play for in the City', he said. 'With this whole shift in the European economy being financed away from the banks and instead raising money in the capital markets, this growth story is not even halfway done'.

'Forget what we would do', added Sherwood. 'Every European firm would be gone in very short order'.

Hit the link below to access the complete Bloomberg article:

EU pullout would spark a City exodus - Goldman

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image: © C.P.Storm

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